Nasdaq 100 (NDX) Fares the Worst Out of equity indices; 5 Day Up Streak Broken

The Hourly View for NDX

Last Updated November 10, 2020, 01:06 GMT

At the moment, NDX’s price is down $-38.62 (-0.33%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NDX has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NDX. Given that we see downtrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on NDX; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Nasdaq 100 Daily Price Recap

The end of a 5 day positive run has come for Nasdaq 100, which finished the day prior down 2.16% (260.96). On a relative basis, Nasdaq 100 was the worst performer out of all 14 of the assets in the equity indices asset class today. Below is a daily price chart of Nasdaq 100.


Nasdaq 100 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Nasdaq 100:

  • From MikeMcKerr_TDA:

    The equal-weight S&P500 is outperforming the equal-weight Nasdaq-100 by 3.7% today, most since at least 2005 (my equal-weight data set start). Closest 2nd is 10/14/08 when the $SPXEW beat $NDXE by 3.1% but both indexes were red. With both green, on 5/8/09 $SPXEW > $NDXE by 2.77%.

  • From KelvinSCWong:

    Good morning from Asia!
    Risk on continues to extend in futures & soft #USD
    SP 500 $ES_F +1.1% (3538)
    Nasdaq 100 $NQ_F +1.3% (12241)
    $AUDUSD + 22pips (0.7277)
    $USDJPY -3 pips (103.31)
    Both SP 500 & Nasdaq 100 futures are breaking above range resistances 3527 & 12180.

  • From MAXyourINDEX:

    Nasdaq 100 – Daily
    Short Term: 11.600 / 12.100 pts.
    Medium and Long Term: 11.600 / 12.400 pts.
    Short Term resistance 12.100 pts must be conquered to prevent topping process and correction to 11.600 and 11.300 pts.